WTI crude oil: A break above 42.70 is a buy signal
WTI Crude
WTI Crude September Future beat resistance at the June high of 4165/75 for a buy signal & we did fill the gap at 4240/50 as predicted. In fact we topped exactly here in severely overbought conditions. You have to wonder if that marks the end of the 3 month rally...but there's no sell signal yet.
Daily Analysis
WTI Crude fills the gap at 4240/50, which worked as the next resistance area as predicted. Shorts offered up to 100 ticks on profit taking to 4140. First support at last week's high of 4145/35. There's also good support at 4110/00 then 4060/50. They should be good scalping levels. Look for 40/50 tick turns.
Obviously key resistance is at 4240/50. Shorts need stops above 4270. A break higher is a buy signal despite severely overbought conditions targeting 4310/20, 4370/80 & perhaps as far as 4420/30.
| Trends | |
| Weekly Outlook | Positive |
| Daily Outlook | Neutral |
| Short Term Outlook | Neutral |
Chart
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